Shares of Nykaa parent FSN E-Commerce Ventures Ltd. jumped 3% during early trade on Tuesday, after the company's third-quarter results impressed analysts and investors.
The company's December quarter revenue surged 27% year-on-year to Rs 2,267.2 crore, which beat the Bloomberg consensus estimate of Rs 2,271 crore. Net profit jumped 51.7% to Rs 26.4 crore, but missed the estimate of Rs 36 crore.
Nuvama said it continues to forecast strong growth in the BPC segment, even as it remains guarded on revenue growth suitability in the fashion segment, due to increasing competitive intensity.
Nykaa reported 25% growth in consolidated gross merchandise value, a 32% rise in the beauty segment, 30% volume growth in the beauty vertical, and a 21% revenue increase for Nykaa Fashion.
The stock saw bullish calls from Nuvama and Morgan Stanley, while Citi and BofA were guarded.
Nykaa Share Price Movement
Nykaa's share price advanced as much as 3% intraday to Rs 174.52 apiece on the NSE. It was trading 1.6% higher at Rs 172.2 by 10:00 a.m. The benchmark Nifty 50 was down 0.35%.
The stock has risen 14% in the last 12 months and 6% so far this year. The relative strength index was at 56.
Fourteen of the 25 analysts tracking Nykaa have a 'buy' rating on the stock, four recommend a 'hold' and seven suggest a 'sell', according to Bloomberg data. The average of 12-month analysts' price target of Rs 185.4 implies a potential upside of 7.6%.
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